With decent credit cards being harder to obtain these days (especially for those with an iffy credit history) the prepaid debit card alternative is becoming more and more popular.
Of course we see the need for prepaid credit card options these days, however, as we mentioned with the Green Dot Prepaid Card offer, our only point of contention with these products is that they do nothing to help rebuild or establish the customer’s credit score. For this reason and this alone, we generally recommend secured cards over prepaid options but understand that secured cards are not for everyone.
How the Mango Prepaid Card works: Just like with a checking account, you load the card with money you have and then can only spend what you’ve put in. It prevents overdrafts fees associated with traditional checking accounts as well as over spending frequently associated with traditional 0% APR credit cards. The Mango MasterCard has climbed it’s way to the top of our list for prepaid debit cards because there are no application/activation fees and shipping and handling is entirely free.
The most notable benefits of this card are:
1) It is accepted wherever MasterCard is accepted.
2) You will not incur any credit checks, overdraft fees or activation fees that other prepaid options have.
3) You can manage your account online and/or with your mobile phone.
Complete List of Features:
- FREE Prepaid MasterCard
- $0 Activation Fee
- FREE Direct Deposit
- FREE unlimited purchase / signature transactions
- FREE account management online or with your mobile phone
- FREE to check your balance with your mobile phone
- No monthly fee when you load $500/month
- Send money with your mobile phone
- Load cash at tens of thousands of retailers nationwide
- No credit check, no bank account needed, no overdraft fees
If you have come to the conclusion that a prepaid card is what you’re after, then the Mango Prepaid Mastercard is pretty much as good as it gets because of it’s lack of fees and overall simplicity.
However, we would like to reiterate the fact that there will be no reporting to any of the three credit card bureaus, so if you’re looking to boost your credit score, this card wont help.
Have experience with the Mango Prepaid Card from Horizon Bank? Let us know about it, by leaving a comment!